The property involved is a 40-unit multifamily property located at 1400 NE 56th Street in Fort Lauderdale, FL. The loan amount secured for this property is $6,800,000.00 in financing. The asset features amenities such as a communal swimming pool, in-building laundry units, available parking, and stunning waterfront views.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $6,800,000.00
• Market: Fort Lauderdale
• Borrower's Rep: Robert Bhat(Marcus & Millichap)
• Lender: Unknown Correspondent life insurance company

Robert Bhat, the senior vice president at MMCC's Miami office, played a crucial role in securing the financing for the property. The borrower was able to refinance three properties, recoup equity, obtain additional cash-out proceeds, and secure acquisition financing for a new 24-unit asset. The loans had an average LTV of 65% and an interest rate of 3.52%, with an interest-only period ranging from 3 to 5 years.